Out Back with Jack – Epi-2967 — 2 Comments

  1. The mindset towards leaving a legacy for one’s kids has changed. Somewhere (boomer generation?) the motto, “spending my kids’ inheritance” came out like this was something noble to do. It’s not. Certainly, people should enjoy some of their wealth but consumerism gets ugly and pointless after a while.

  2. Jack, great topics – way to start off in “the Out Back”. Maybe a bit too much fowl feedback, but you probably don’t even hear it anymore! Otherwise, like the new venue – hope it achieves what you want out of it.

    On establishing “7th Generational Wealth” – while I believe this is definitely the path to work toward (I’m currently Gen2 in my family), I have some concerns about follow-on generations either not appreciating what previous generations built or not having an interest in continuing to build, improve and invest in the generational nest egg…and making bad decisions or just plain squandering what they were given. Think Paris Hilton or most any other silver spoon kid. In a way, I’d rather see them “earn” their place vice it just being given through inheritance. Thoughts or techniques on keeping the generational wealth intact? Family trusts with built in goals before certain levels are awarded? I’m too new to the idea and too involved in building to think much about it yet – but would appreciate hearing what others did or are pursuing. What’s worked in the past and what hasn’t.